The Isle of Man Financial Services Authority issues the Insurance (Amendment) Bill 2016 for a second consultation

The Isle of Man Financial Services Authority (“Authority”) has today issued the Insurance (Amendment) Bill 2016 (“Bill”) for a second consultation.

The main purpose of the Bill is to implement changes needed to take account of developments in international insurance regulatory standards and this second consultation has also made some additional changes on the basis of feedback received in response to the initial consultation.

The Bill is relevant to the Isle of Man insurance industry, including all existing or prospective authorised or permitted insurers, registered insurance managers and registered general insurance intermediaries. It is also relevant to service providers to the Island’s insurance sector such as auditors, law firms, banks and investment managers and may be of interest to any person or organisation wishing to understand the ways in which the Island’s insurance regulatory regime is adapting to changes in the international insurance business environment, including changes in international regulatory standards for insurance.

The Authority invites comments from interested parties by 11th November 2016. Copies of the consultation paper can be found here.